A loss on the sale of an asset that is depreciable and used in business is ________; a loss on the sale of a non-depreciable asset is ________
A) deductible from capital gains income; deductible from ordinary income
B) deductible from ordinary income; deductible only against capital gains
C) a credit against the tax liability; not deductible
D) not deductible; deductible only against capital gains
B
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________ is the use of techniques, activities, and processes to guarantee that a certain good or service meets a specified standard
A) Inventory control B) Supply line control C) Quality control D) Management control E) Enterprise resource planning
The following information is available for Jimmy Corporation for the month of June: Beginning Inventory ............. 8 units @ $20.00 = $160 Purchased, June 3 ............... 5 units @ $22.00 = $110 Purchased, June 5 ............... 7 units @ $24.00 = $168 Sold, June 9 .................... 9 units Purchased, June 1 . .............. 8 units @ $26.00 = $208 Sold, June 1 . ................... 7
units Given this information, the ending inventory balance using the average cost method is a. $276. b. $302. c. $368. d. $386.